Who was the Forrest Gump of the crisis? Bob, of course

Robert Rubin, Goldman Sachs arbitrageur and chairman, US treasury secretary, and Citigroup grandee, was the Forrest Gump of this crisis

The outstanding accusation by the Reuters’ Felix Salmon blog, on March 3:

Robert Rubin, Goldman Sachs arbitrageur and chairman, US treasury secretary, and Citigroup grandee, was the Forrest Gump of this crisis, turning up in all the key places at all the key times. The fact that he’s still trying to deflect blame off himself and onto the hapless George W Bush is simply pathetic. There’s more than enough bad stuff to pin on Bush that he really shouldn’t blame the crisis on him as well. Especially not when he’s so personally culpable for the crisis. Indeed, there’s probably no one individual, with the possible exception of Alan Greenspan, who deserves more blame for this crisis than Rubin does.

A bit superficial, but VERY GOOD – the attack and the label for Rubin!!! Well deserved, indeed.

But deeply, I don’t agree and I am not alone: how can we not focus also upon the Clintonians (although with a  lot of difference amongst them), most of which are now the economic gurus of poor Obama guy (who nonetheless chose them freely, under reasonable cultural, socio-environmental and financial constraints – contradicting the little he had kept saying during a Campaign that he finally won only in September, under AIG and Lehman collapses).

Published in: on March 7, 2010 at 4:33 am  Leave a Comment  
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Allegriaaa Haaappiness

CHEER UP, IT’S CITI SUNDAY, LUCKY SUNDAY !!!

Paulson and Geithner anticipated 1 week the Advent  liturgy.

This is to cheer you up. No melancholia, we are still surfing on the ICT  wave: in a little while we’ll be fallen angels, but not yet. Enjoy Xmas, if you aren’t a Chrysler employee !!!  

Got on Citi bail Sunday, the day of another cadeau to Big Banca – just from GW Bush or a bipartisan cadeau? With Timothy in the dream team, one never knows … read What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup !!! A MUST (echoed by Robert Reich and  Bill Greider).

This anti-depressive  pill (Chart 1 below) is from Levy forecast, via Yves at nakedcapitalism. IL CAPITALE E’ NUDO.

When profits will finally stand at zero at least a couple of years, perhaps the profits-rents glut (Aglietta-Berrebi, Chesnais) will be over,  life will spring and creativity, innovation  be back… If you see and interpret this picture, together with Shiller’s graph on Wall Street p\e ratios across the century, you understand that the global recession must be really  deep, long and severe, since it was artificially and superficially delayed 5 years ago. E i nodi vengono al pettine.

CHEERY CHART 1, followed by a reminder of Shiller’s 

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CHART 2 BY SHILLER (from Authers,  9 november ft)

p\e ratio depurato, S&P 1900-2008

Published in: on November 25, 2008 at 9:44 am  Leave a Comment  
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Mc Cain (71) competing with Castro (81) to meet Marx the 1st

Paul Krugman was lamenting a few weeks ago, that Arizona sen. John Mc Cain was treated like a Saint by the media: meanwhile, some other NYT people were doing their job, working at the de-sanctification. After having turned his presumed love affair with a lobbyist in his favour at least in the short period, coagulated the GOP (the enemy of my enemy..) and collected more money, the heavily lobbyists– backed (1) warrior shows off in an Indiana speech.
He wishes Fidel Castro the opportunity to meet Karl Marx soon. That was a way (in his non-sublime intellect and propaganda), to say Cuba won’t change with compañero Fidel alive (a disputable CONJECTURE on that totalitarian régime).
Pay attention, old warrior: YOU TOO will meet sooner or later Karl Marx, the social scientist in person. He’ll be tougher than Viet comrades! Let’s imagine a tragicomic scena Dantesca: two barbudo diablos torturing private John.

note

(1) WashPost 2008/o2/02 updates NYT’s hypothesis: “lobbyists are essentially running his presidential campaign” and a record 59 lobbyists are raising money for him.

Mark Shields on PBS with David Brooks, 2008/02/22:

John McCain’s claim, his most convincing claim as an agent of change, is that he has been this foe of money and lobbyists and entrenched power and influence in Washington. And today’s story in the Washington Post following up on that showed that lobbyists were not only continuing in their lobbying positions on payrolls, in many cases, in running John McCain’s campaign on a shoe string, but also leading bundlers in raising money. He had three times as many lobbyists bundling donations for him as Hillary Clinton did.

Zachary Coile “Mc Cain dodges bullet, faces fiscal bombshell”, S. Francisco Chronicle, 2008/02/23:

Mc Cain on Friday found himself defending his hiring of several lobbyists for his top campaign staff, including campaign manager Rick Davis, a former lobbyist who represented telecommunications firms, and senior adviser Charlie Black, whose lobbying firm has represented drug companies, automakers, oil companies and defense contractors, among others.

“These people have honorable records, and they’re honorable people, and I’m proud to have them as part of my team,” McCain said Friday.

Ironically, the last time this charge was levied against McCain was in the 2000 campaign, when then-Texas Gov. George W. Bush portrayed McCain as hypocritical for leading the fight for campaign finance reform while raising money from lobbyists with interests before the Senate Commerce Committee, which he chaired.

Last time, not first: 9 years before the Senate Ethics Commission labelled “questionable conduct” John Mc Cain getting money from cracked up Lincoln Savings, during the late 1980s Saving and Loan crisis, induced by Reaganite credit deregulation (very often cited for a deregulation “cause-effect”, basically similar to the ongoing subprime crisis). Always unlucky John! Not a good credit as a New Deal President …
For “New Deal” and “Subprime”: search the Political Economy category of this blog.